Old West Investment Management LLC Makes New $2.83 Million Investment in Suncor Energy Inc. $SU

Old West Investment Management LLC acquired a new stake in Suncor Energy Inc. (NYSE:SU) (TSE:SU) in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 67,615 shares of the oil and gas producer’s stock, valued at approximately $2,827,000.

Several other hedge funds also recently made changes to their positions in SU. Richardson Financial Services Inc. lifted its position in Suncor Energy by 64.1% during the third quarter. Richardson Financial Services Inc. now owns 704 shares of the oil and gas producer’s stock worth $29,000 after purchasing an additional 275 shares during the period. Headlands Technologies LLC acquired a new position in shares of Suncor Energy in the 2nd quarter valued at approximately $31,000. Hanson & Doremus Investment Management raised its position in shares of Suncor Energy by 143.5% in the 3rd quarter. Hanson & Doremus Investment Management now owns 789 shares of the oil and gas producer’s stock valued at $33,000 after buying an additional 465 shares in the last quarter. Atlantic Union Bankshares Corp bought a new stake in shares of Suncor Energy during the 2nd quarter worth approximately $37,000. Finally, Corsicana & Co. acquired a new stake in shares of Suncor Energy during the 3rd quarter worth approximately $42,000. 67.37% of the stock is owned by institutional investors.

Suncor Energy Trading Up 1.3%

Shares of SU stock opened at $53.82 on Friday. Suncor Energy Inc. has a 1-year low of $30.79 and a 1-year high of $55.30. The company has a current ratio of 1.39, a quick ratio of 0.85 and a debt-to-equity ratio of 0.20. The stock has a market cap of $64.24 billion, a price-to-earnings ratio of 15.51 and a beta of 0.46. The stock has a 50-day moving average of $46.89 and a 200-day moving average of $43.03.

Suncor Energy (NYSE:SU) (TSE:SU) last posted its quarterly earnings results on Tuesday, February 3rd. The oil and gas producer reported $0.79 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.02. The firm had revenue of $8.77 billion for the quarter, compared to analysts’ expectations of $8.79 billion. Suncor Energy had a return on equity of 12.51% and a net margin of 11.99%.During the same period in the prior year, the business earned $1.25 EPS. On average, equities research analysts forecast that Suncor Energy Inc. will post 3.42 earnings per share for the current year.

Suncor Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 25th. Investors of record on Wednesday, March 4th will be issued a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 4.5%. The ex-dividend date of this dividend is Wednesday, March 4th. Suncor Energy’s payout ratio is 49.57%.

Wall Street Analyst Weigh In

Several research firms have weighed in on SU. Raymond James Financial upgraded Suncor Energy from a “market perform” rating to an “outperform” rating in a research note on Thursday, November 6th. Weiss Ratings restated a “buy (b)” rating on shares of Suncor Energy in a research report on Monday, December 29th. Wall Street Zen lowered Suncor Energy from a “buy” rating to a “hold” rating in a research note on Sunday, December 28th. The Goldman Sachs Group boosted their target price on Suncor Energy from $48.00 to $54.00 and gave the stock a “buy” rating in a research note on Friday, January 23rd. Finally, Zacks Research cut shares of Suncor Energy from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 20th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, Suncor Energy currently has a consensus rating of “Moderate Buy” and an average price target of $61.00.

About Suncor Energy

Suncor Energy Inc is a Canadian integrated energy company headquartered in Calgary, Alberta. The company’s operations span the full oil and gas value chain, with principal activities in oil sands development and production, conventional exploration and production, refining, distribution and retail marketing of petroleum products. Suncor supplies crude, synthetic crude and refined fuels as well as related products and services to commercial and consumer markets.

Upstream, Suncor is a major developer and operator of oil sands projects in Alberta, using both mining and in situ technologies to produce bitumen and synthetic crude.